Dependable Retirement Planning Advisors

New York City Retirement Planning

New York City retirement planning should start early, but starting is often the hardest part. Retiring isn't on your mind much in your 20's, when you should be creating a savings plan. Actually, many people don't start planning their retirement until they begin feeling old. If that's you, don't worry, but do start planning as soon as you can.

During the first stage of your New York City retirement planning, you'll want to begin to consider your net worth. To do so, you need to evaluate your current assets as well as your debts. Next, you can get started with the nuts and bolts of your New York retirement planning, and think about 401(k)s and IRAs. It may sound a little daunting at first, but remember that beginning your New York City retirement planning is often the hardest part.

Assessing Your Current Worth

Don't jump into retirement until you've carefully evaluated your current assets. Actually, you want to evaluate your assets whether you're planning to retire in New York City next year or in several decades. Knowing where you stand is the first step to figuring out what you need to do in order to create the appropriate savings plan for the future.

So, if you have any retirement accounts, you can start by listing those. If you have a New York IRA, a 401(k) or a 403(b) plan, write down the amount you've saved. Naturally, if you were ever self-employed it may be a little more complicated. In any case, to begin your New York City retirement planning, you want to first assess what you already have saved for later in life.

If you don't have anything in a 401(k) account yet, don't stress! New York City is an expensive place and it's tough to put money aside. Still, write down what you have in your New York City savings and checking accounts. Also, obviously, if you have any stocks, bonds or mutual funds, you'll want to write those down, too.

And, of course, you need to account for debts during your New York City retirement planning. If you own a house in New York, you should note your mortgage. You should also write down car loans and credit card debt. Don't forget outstanding medical bills, or any other debts. Naturally, if your debts exceed your assets, you have some serious saving to do.

However, if both your debts and your New York City assets are significant, you may want to consider paying off some debt before you retire. Monthly debts can have a significant impact on your retirement expenses, and you'd probably be better off without them. Well, you'd certainly feel better!

401(k) The Basics

If your New York City employer offers a 401(k), it's a good idea for you to start putting a percentage of your income towards it. Why? It's an upfront tax deduction, and it allows for tax-deferred growth. A 401(k) plan can make your New York City retirement planning a lot easier, because it saves for you!

Some New York City, NY companies automatically enroll their employees in a 401(k) plan, but you generally get to choose your contribution percentage. Your contribution percentage is the amount you take out of each paycheck. Your employer may limit the amount you are able to contribute, but you will certainly be able to achieve significant savings.

You should invest the money in your 401(k), so that it grows over the long-term. If you are young and you've started your New York City retirement planning early, you can invest aggressively. However, if you're planning to retire in the near future, you will want to have less of your 401(k) money in investments (since you'll be using it soon).

If you have an employer matching 401(k) plan, you're basically getting free money. If your employer offers a 401(k) matching plan, and you're planning to retire someday (as, well, you should), take advantage! Matching 401(k)s are a great way to maximize your savings.

Different New York employers have different matching systems. A NY company may choose to match half of the first 6% of your income, for example, or 100% up to the first 5%. There are many other matching combinations, too, so you'll want to find out what your company does. Regardless, matching 401(k)s are a helpful component of your New York City retirement planning.

Saving is made easier with a 401(k) matching plan, but it's not impossible without one. You can certainly begin your New York City retirement planning without a 401(k) option. If you're ready to start getting serious about retirement savings, it may help to meet with a financial planner to discuss your current situation. A financial planner can help you assess your financial needs and help you create a successful savings plan.

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Retirement Planners In New York

Peter Levine CFP, ChFC, CLU
Peter Levine CFP, ChFC, CLU
481 8th Avenue
Suite 507
New York, NY 10001

Gregory Manto
Gregory Manto
767 Third Avenue, 38th Floor
New York, NY 10017

Chris Sosa
Chris Sosa
340 Madison Avenue
New York, NY 10173

John K. Kochersperger
John K. Kochersperger
405 Lexington Ave
Fl 26
New York, NY 10174

Steven Tresnan, CAIA, CFP, AIF
Steven Tresnan, CAIA, CFP, AIF
505 5th Ave, 4th Floor
New York, NY 10017

Stephen Sassi
Stephen Sassi
406 Forest Ave.
Staten Island, NY 10301

Rick Mueller
Rick Mueller
650 From Road
Paramus, NJ 07652

Kevin Shea
Kevin Shea
51 JFK Parkway
Short Hills, NJ 07078

Emil Ben-David
Emil Ben-David
1130 RXR Plaza
Uniondale, NY 11556

Nick Friedman
Nick Friedman
10 Bank Street
White Plains, NY 10606

David Marks
David Marks
328 Newman Springs Road
Red Bank, NJ 07701

Peter Gellman
Peter Gellman
320 Raritan Avenue, Suite 302
Highland Park, NJ 08904

PHILIP CAPELL, CFP, JD, MS in Tax
PHILIP CAPELL, CFP, JD, MS in Tax
48 South Service Road
Suite 102
Melville, NY 11747

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